Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,846/mo
Lowest payment- Down payment
- $119,061
- Funds due
- $129,785
- Interest + MI left
- $144,399
- First ends
- Nov 2050
Assumption
Assumption + second
$2,490/mo
+$644/mo- Down payment
- $39,061
- Funds due
- $51,153
- Interest + MI left
- $296,131
- First ends
- Nov 2050
New loan
New conventional
$2,753/mo
+$906/mo- Down payment
- $39,061
- Funds due
- $47,876
- Interest + MI left
- $512,985
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $270,839 | $270,839 | $350,839 |
| Second mortgage | — | $80,000 | — |
| First P&I | $1,317.93 | $1,317.93 | $2,376.71 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | $222.56 | $222.56 | $70.17 |
| Taxes, insurance & HOA | $306.00 | $306.00 | $306.00 |
| Total housing payment | $1,846.49 | $2,490.19 | $2,752.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,061
Closing costs & prepaids$12,092
Usable credit−$0
Total buyer cash needed$51,153
Earnest money paid−$0
Remaining funds due$51,153
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$468.00
Prepaid interest, first (6 days)$131.78
Prepaid interest, second (6 days)$118.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing23 yr 11 moOf the original 30-year loan at 2.96%
Interest already paid$52,844Through Dec 2026
Assumption only · ends Nov 2050$144,399
Assumption + second · ends Nov 2050, second Jan 2057$296,131
New conventional · ends Jan 2057$512,985